Jul 29
Submitted by Chris Moss CPA All business owners and entrepreneurs are at one time or another having to deal with a “basis” computation analysis when they sell their interests in the company they started. Likewise real estate developers and builders use basis to compute their gains and losses when they sell their property. Moreover, all …
Jul 26
Submitted by Chris Moss CPA The US Income Tax Return form 1040 is probably one of the few annual forms that just about all Americans sign, either manually or electronically, under penalty of perjury. The exact phrase you certify in a quasi-oath like setting is: “Under penalties of perjury, I declare that I have examined …
Jul 22
Submitted by Chris Moss CPA In reading a recent 143 page 2012 US Tax Court Opinion F.Lee Bailey vs IRS I ask why a famous attorney would not have his accounting records in the Cloud. In the Bailey case Judge Gustafson says “there is no provision that excuses taxpayers from retaining their records…taxpayers are required …
Jul 19
Submitted by Chris Moss CPA Are you planning to gift a conservation easement on your land or home in accordance with Section 170 of the IRS Code? Or have you gifted a conservation easement a few years ago and are benefiting from the carryforward year after year? Listen up conservation easement advocates: IRS may be …
Jul 10
Submitted by Chris Moss CPA If you read my last article on the Completed Contract Method of Income Tax Deferral we concluded that Shea v IRS was a big win for the developers. Unfortunately the IRS has come back with a vengeance in June of 2014 with a big win in Howard Hughes v IRS. …
Jul 06
Submitted by Chris Moss CPA Many real estate developers use the Completed Contract Method (CCM) of income recognition as they develop large tracts of land into buildable lots and ultimately residential housing around the nation. This special method of revenue recognition is allowed for small developers earning less than $10 million who anticipate a 2 …
Jul 04
Submitted by Chris Moss CPA Most taxpayers deduct medical expenses on their tax returns either as individuals or through businesses. Deductions like health insurance premiums or doctors and dentists fees are pretty black and white if you are being treated for illness. But what about that gray area of preventative medicine including supplements, gym memberships …
Jul 01
Submitted by Chris Moss CPA For small businesses with fractional jet ownership or for any business owner who leases aircraft for travel here are some important changes to your flight plan before we take off for a tax deductible and enjoyable summer business trip. Attention all business travelers: The IRS has control of the flight …